USD/CAD continued to dance around the parity level on Thursday as traders simply cannot move this pair one way or the other. The levels are too close to see breakouts in the near-term, and the 1.01 level above is the one we actually would like to see broken as the level is the closest one that would trigger a trade - in this case a buy order. The supportive levels below extend all the way down to the 0.9750 mark, and as a result we think that CAD gains will be capped, even if the oil markets are shooting straight up. We won't trade this pair in the meantime as it is a scalper's market.
USD/CAD Forecast February 24, 2012, Technical Analysis
USD/CAD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3